President Obama said today he hopes it "doesn't take too long to convince Congress" to give his administration unprecedented new powers to take over and stabilize ailing nonbank institutions such as bailed-out insurance giant American International Group.
The president sounded as if he were in a hurry to win the expanded authority just hours after Secretary Timothy Geithner outlined the request to Congress.
"We will do what is necessary to stabilize the financial system and, with the help of...Full Story